4 Ways Acumatica Cloud ERP Solves Compliance Challenges in the Engineering Firm

Companies are stuck in the middle of drastic change especially from a technological perspective and thus need to harness the power of cloud computing to expand wisely. The innovation phase is complex but engineering firms having a desire to become a market leader should migrate to a cloud-based ERP system.

With more and more businesses discovering flexibility and effectiveness, the adoption of ERP systems has been on the rise and supporting firms in their business operations without significant capital investments. You may find plenty of ERP software products, but with Acumatica, you get an option of SaaS, a private cloud, and on-premises implementation. It is smart to move ahead with the best ERP software for your engineering company that adapts to your business changes and allows you to grow more effectively and efficiently.

If you’re willing to expand your business, you may face several challenges along the way, from forecasting resources to cash flow management. Amid such circumstances, you only have two paths:

• You can sit in the corner area of your office sobbing terribly or, 
• You can take a step towards your success today and show confidence in a cloud ERP sem to meet your future needs.

Well, the choice is yours. But don’t forget, the Acumatica Cloud ERP system is always there for a rescue, a fully integrated solution helping you to manage all facets of your business. 

Common Compliance Challenges Faced by Engineering and R&D Firms

I suspect that right now you might be scratching your head and already know you’re at risk of not being compliant enough. If you’re in the engineering and research & development firm, you might be facing some of the following compliance issues:

• Separation of direct and indirect expenses
•  Recognition of unallowable costs
•  Uncompensated overtime
•  Maintenance of electronic timecards restricted to authorized personnel
•  Purchasing system with various approval levels.
• Constant recording of timecard electronic signature, approvals actions, and submittal in the audit trail.
•  Calculation and allocation of indirect expenses by provisional and actual budget rates

There is an abundance of jargon, but most of them are a part of government regulations. If you’re experiencing any of these compliance issues, consider implementing the cloud ERP system that has built-in DCAA (Defense Contractor Auditing Agency) complaint processes.

How Acumatica Cloud ERP Can Help Solve Compliance Issues?

Acumatica Cloud ERP System can be a problem-solver with four integrated modules that areas follows:

1. Project Accounting

The project accounting module integrated with Acumatica ERP is a powerful solution that streamlines the allocation of indirect costs, billing, and cost accumulation. Using this module, you can craft a budget by project task and review contract information like funding restrictions, contract alternations, and contract numbers seamlessly.

Customized dashboards and reports capture the data 24/7 which gives real-time visibility into insights and build a connected business.

2. Order Management

A three-way match of PO, receiving, and payment alongside a layer of approval mapping ensures that your system and processes adhere to DCAA regulations for a successful procurement solution. The order management module within the Acumatica ERP system helps in inventory management and associated contracts.

3. Financial Management

The advanced financial modules include accounting capabilities such as AP, accounts receivable, GL, tax, and fixed assets, offering timely reports to fulfill DCAA requirements. With 24/7 access to data and reports, you can make smart decisions at your fingertips.

4. Time Management

It acts as a timekeeping solution with advanced financials and project accounting modules. It can help with multi-level approvals, audit trail, and project changes. With this module, you can capture labor costs in the project status report recorded by team members to meet project commitments.

Wrapping Up

If you don’t want to tolerate the serious trouble of compliance, it is great to implement Acumatica cloud ERP software to use the latest technology and obtain secure support in all facets of a business. Scaling up is always complicated, but with the right ERP solution and business management solution, your business will thrive and the rewards will be incredible.